Taoyuan, Taiwan ( Feb. 24, 2019) - Another company is about to close its plant in Yangmei District of Taoyuan.

The Ruentrex Industries Ltd., known for its huge production of textile and an arm of the conglomerate Ruentrex Group of company had announced yesterday for the closure of one plant. The target date of closure is on April 26, 2019.

It is estimated to over 300 employees will be laid-off. And 141 of this are migrant who will be jobless in the next month.

The decision of company’s closure is due to three consecutive years of losses which ranged to NT$1million each year. It is expected to cut its cost reduction to 14-20% after plant's closure.

Another reason of its closure because of its rival in the market and also the Ruentrex Group have diverted their business to other kind of business such as Insurance and many more.